Mubadala looks set to sign up to another joint fund with Malaysia, according to Abdul Muin Abdul Majid. Mubadala will contribute $1 billion to the new joint venture, which will invest in the energy, real estate and hospitality sectors.
Significantly, the deal will see the Terengganu Investment Authority (TIA) restructured into a SWF wholly-owned by the Malaysian Ministry of Finance, reporting directly to the Prime Minister. Indeed, TIA will become a federal SWF and be renamed 1Malaysia Development Berhad (1MDB). According to the Prime Minister’s office,
“1MDB would drive sustainable, long-term economic development for Malaysia by forging strategic global partnerships and promoting foreign direct investment for Malaysia to further enhance the multiplier effects for the Malaysian economy.”
Mubadala is having a good month, having already ironed out a similar joint fund with France. Additionally, it topped the SWF Institute’s Transparency Index.
I would like to get in touch with the right contact person in 1MDB to explore other similar carbon neutral city plans in Saudi Arabia.